A. The board, in the administration, management and operation of the plan and fund, shall:
1. Account for the operation, administration and investment expenses and allocate them against investment income.
2. Contract on a fee basis with an actuary to make an actuarial valuation of the plan based on the valuation method and valuation assumptions recommended by the actuary and approved by the board. The actuary shall be a member of the American academy of actuaries.
3. Contract on a fee basis with an independent auditing firm to make an annual audit of the accounting records of the fund and file a copy of the audit with the auditor general.
4. Invest the monies in the fund as provided in article 4 of this chapter.
5. Within a period of six months after the close of each fiscal year, submit a detailed report of the operation and the investment performance of the plan to the governor, the legislature and the members of the plan.
6. By November 1 of each year provide a preliminary report and by December 1 of each year provide a final report to the governor, the speaker of the house of representatives and the president of the senate on the contribution rate for the ensuing fiscal year.
B. The board, in the administration, management and operation of the plan and fund, may:
1. Employ services as it deems necessary.
2. Either keep invested monies separate or commingle invested monies as it deems appropriate.
3. Delegate authority as it deems necessary and prudent to the administrator employed pursuant to section 38-848, subsection M, paragraph 6.
4. Do all acts, whether expressly authorized, that are deemed necessary or proper for the protection of the fund.
Notes of Decisions
Cross v. Elected Officials Ret. Plan, 325 P.3d 1001 (Ariz. Ct. App. 2014).
· cites it 3× “¶ 36 After determining it had paid Cross too much in pension benefits from 2002 to 2010, the Plan announced it would suspend Cross’s future pension payments until it had recouped all of the overpayments.”
In Re Dostert, 324 S.E.2d 402 (W. Va. 1984).
“1983); Ariz.Rev.Stat.Ann. § 38-803 (1974); Del.Code Ann.”
In Re Foreman's Est., 407 P.2d 102 (Ariz. 1965).
“§ 14-515, as follows: "If the amount set apart be insufficient for the support of the widow and children, or either, the court shall make such allowance out of the estate as may be necessary for the maintenance of the family," The court there noted the sections preceding §…”
First Nat'l Bank v. Thomason, 407 P.2d 102 (Ariz. 1965).
“§ 14-515, as follows: “If the amount set apart be insufficient for the support of the widow and children, or either, the court shall make such allowance out of the estate as may be necessary for the maintenance of the family,” The court there noted the sections preceding §…”
Monaghan v. Kennerdell, 173 P.2d 107 (Ariz. 1946).
“” Again, in section 38-803, it is said “* * * the inventory shall contain all the estate of the decedent, real and personal, * * *; the inventory shall show so far as the same can be ascertained by the executor or the administrator, what portion of the property is community…”
— Ariz. Rev. Stat. § 38-803(B)(4) — 1 case
Cross v. Elected Officials Ret. Plan, 325 P.3d 1001 (Ariz. Ct. App. 2014).
“¶ 36 After determining it had paid Cross too much in pension benefits from 2002 to 2010, the Plan announced it would suspend Cross’s future pension payments until it had recouped all of the overpayments.”
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